Toy-maker MATTEL raised US$1.2bn of high-yield bonds on Tuesday, coming to the market just days after receiving multi-notch upgrades from three credit rating agencies because of the company's improved financial performance. The Hot Wheels and Barbie manufacturer offered US$1.2bn of new unsecured debt, split evenly across a five-year non-call two and an eight-year non-call three. Demand for the bonds enabled the company to push pricing on the five-year down to 3.375%, after revising price talk to 3.375%-3.50% from 3.50%-3.625%, while the eight-year notes landed at 3.75%, in from revised price talk of 3.75%-3.875% and price talk of 3.875%-4.00%.
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